17 Oct 2007


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Payzone and HSBC join forces on credit and debit cards


Technology

Source : Payzone
Payzone, Europe's largest cash acceptance network, has teamed up with HSBC, to provide a new electronic fund transfer (EFT) package that will save retailers hundreds of pounds each year.

Retailers will now be able to process credit and debit card transactions at their Payzone terminals, enjoying industry competitive rates at no extra cost.

Payzone has also made the EFT application process much easier for retailers. For the first time, setting up the service only requires a signature, and can be up and running within 5 days, avoiding the delays typically associated with new EFT providers.

There is no exclusivity contract so retailers can still keep their current provider alongside Payzone’s higher margin service, allowing them to make decisions that are best for their business.

Paul Charmatz, Deputy Managing Director at Payzone said: “Payzone’s new package can save retailers more than £400 a month. We have not only eliminated the sign up and £10 monthly terminal rates commonly charged in the current market, but we also save retailers 9p on every transaction with our lower debit and credit card rates.

“Furthermore, using Payzone removes other hidden transaction charges like the cost of telephone line rental, which on average costs retailers £200 a year. We believe our EFT system proves Payzone’s commitment to provide innovative and beneficial solutions to retailers whilst adhering to our guiding principle of no exclusivity.”

Graham Umney, Corporate Relationship Manager for Payzone at HSBC Card Processing commented “We are delighted to work with Payzone, on what represents a significant opportunity to HSBC. In addition to existing card processing customers who will now want to transfer to the Payzone offer, the structure of this deal makes it economically attractive to businesses wanting to accept cards for the first time, encouraging those who have previously been reluctant to offer card acceptance as the preferred method of payment.”

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